USDJPY has been having an excellent bull journey on the 4 hourly and the daily chart. We just have had a new month today and the pair still looks good for the buyers. Have a look at the 4 hourly Usd-Jpy chart

The pair started its bull journey from the level of 101.680 area and continued its journey up to the level of 113.800 without having big pauses. Today, the price went up to the level of 114.830 and have come back to the level of 113.800, exactly where the price started making some corrections earlier. This means 113.800 has become a flip over support. Now if the level holds and produces a 4 hourly reversal right there, which is very likely, then traders should aim to buy on the pair. Here are the levels to watch

1. The level of 114.830 has to be broken handsomely by an hourly candle at least.
2. A 4 hourly doji or an engulfing candle has to be produced at the level of 113.800.
3. Level 114.830 should be broken before the London close about GMT 6 PM.

Now let us have a look where we should set our stop loss and take profit The trade setup has the full potential to go up to the level of 116.450, but there is a massive resistance up there. Thus, it is better to set a risk and reward ratio of 1:1 here. Stop loss should be placed at today’s lower low, which is 113.800 at the moment. It might go further down, please adjust it accordingly. Take profit should be place at the level of 115.850. Let’s summarize the trade

• Entry at the break of the level of 114.830
• Stop loss at the level of 113.800
• Take profit at the level of 115.850 (first target),

It took us some time to post this one but we wanted to wait for the right signal before giving out this free Forex trading signal. We hope that you enjoy post today: USDJPY Free Forex Trading Signals - 1st Dec Nov 2016 Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck! You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.